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Hey Ralph !

I think that most analysts, including us (me too), read waay too much into the numbers and all the ratios that can be compared and manipulated to meet our needs ... needs being whether or not to buy/sell a company.

I'm only 72 yrs and have been investing in stocks for only the last 30+ yrs. What I've learned FOR ME is to look at a company that interests me - omitting the numbers. If I like it, I buy it. Rarely do I sell. And when establishing a buying price, I do NOT let a few cents, or even dollars in come cases, restrict my buying.

I think that comparing BRK to the S&P (or anything else) is folly. My dry powder (read cash) runs around 10% and agricultural land is my best investment so far. Forty years ago, I thought $600 per acre of farm ground was quite steep ... Heck! I wish I'd bought the whole state of Illinois for that price. Hind sight and learning.

Remember when the Foolish Collective Board first started many years ago? Enough rambling ...

Rich (haywool)
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